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Relief for consumers as fuel prices fall again
New Delhi, February 8, 2020
There was big relief for consumers as fuel prices were reduced further on Saturday. The price of petrol was cut by 24 paise and that of diesel by 27 paise on Saturday across all major cities in India.
Petrol now costs Rs 72.45 a litre in Delhi, Rs 78.11 a litre in Mumbai, Rs 75.13 a litre in Kolkata and Rs 75.27 a litre in Chennai.
Similarly, diesel costs Rs 65.43 a litre in Delhi, Rs 68.57 a litre in Mumbai, Rs 67.79 per litre in Kolkata and Rs 69.10 a litre in Chennai, according to the Indian Oil Corporation website.
In the month of February so far, petrol has become cheaper by 82 paise per litre and diesel by 85 paise a litre in Delhi.
International crude oil prices fell over 1 per cent on Friday as Russia said it needed more time before committing to cut output sought by other large producers while the coronavirus outbreak triggered worries about global crude demand.
Brent crude was trading at $54.50 per barrel, a decrease of 1.12 per cent from the previous close.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.